I am acquiring property in Stanmore. My Conveyancer is not on the bank conveyancing panel. Can I still retain my Stanmore conveyancing solicitor even though they are excluded from the bank list of approved lawyers?
You must use a conveyancing practitioner to deal with the formalities when you require a mortgage to buy your home. The conveyancing practitioner will carry out all the appropriate legal checks on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage documentation is in place. You can select a Stanmore solicitor of your choosing. Nevertheless, where the property lawyer appointed is not on the lender approved list supplemental costs will be incurred as separate legal representation will be need by the lender. Conveyancing panel applications can be submitted, so provided your lawyer has not in the past applied for membership they should take the opportunity to apply.
My brother-in-law has suggested I instruct a conveyancing solicitor in Stanmore. I I am struggling to find out if they are accepted on the Aldermore approved list of lawyers. Could you assist?
The first thing to do is call the solicitor and ask them if they are on the lender panel. Otherwise please get in touch with Aldermore who may be able to assist.
3 months have gone by following my purchase conveyancing in Stanmore took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Stanmore with the aid of help to buy. The builders would not budge the price so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not inform my conveyancer about the side-deal as it would put at risk my loan with National Westminster Bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £235,500 and identified one near me in Stanmore I like with a park and station nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Stanmore for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage that many years will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
My wife and I are buying a first floor flat in Stanmore. At the time of instructing our conveyancing practitioner, they said that they were on all major UK bank panels. The mortgage broker contacted us yesterday to advise that they don't appear to be on the Leeds Building Society approved list. Were it to be true, what should we do? Do we just choose a different property lawyer that is on their approved list or should we cover the costs for dual representation, with Leeds Building Society appointing their own approved conveyancer.
If you are purchasing a property needing a mortgage it is normal for the purchaser’s lawyers to also act for the purchaser's lender. In order to act for a bank or building society a conveyancer has to be on that lender's list of approved lawyers. An application has to be made by the lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to satisfy. Some building societies now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should call Leeds Building Society and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on Leeds Building Society's conveyancing panel as you are at liberty to use your preferred Stanmore lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.